The Jersey Financial Services Commission said it had not received an authorisation application from WCM Partners, the investment management firm planned by Neil Woodford.
Statement By Mark Steward, UK Financial Conduct Authority Director Of Enforcement And Market Oversight, On Woodford Investment Management Ltd And WCM Partners Ltd Date
16/02/2021
The FCA has noted the recent comments by Neil Woodford on his future business plans. This statement sets out our position on specific points on which we have been asked for information.
Since April 2020, when it varied its permissions, Woodford Investment Management Ltd is no longer able to offer investment services to retail clients.
Mr Woodford’s new business, WCM Partners Ltd, would need to apply for appropriate permissions before commencing any regulated activity in the UK. In taking any decision on whether to authorise a firm, we consider whether it is ready, willing and organised to comply, on a continuing basis, with our requirements and standards. That includes, for example, the sustainability of the firm’s business model and the fitness of its management.
Neil Woodford has returned 16 months after the collapse of Woodford Investment Management with the launch of a new investment firm, which is working alongside Acacia Research to “advise” on an illiquid and unlisted portfolio of life sciences companies once owned by the Woodford Equity Income fund (WEIF).
Woodford will serve as CIO of WCM Partners, which will be based in Buckinghamshire and Jersey, serving institutional and high-net-worth investors. Woodford investors potentially in limbo for further.
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